IAS 12 - Income Taxes

The relevant accounting standard governing income tax is

• IAS 21

• IFRS 12

• IAS 12

• MFRS 12

The final figure for tax value in P/L is the final value after adjusting the following except

• Current tax charge

• Over or under provision

• Transfer to or from defer tax

• Transfer to income tax

If Accounting base value of assets higher than tax base value of assets, it will result

• TTD

• DTD

• DTL

• DTA

If Accounting base of liability is higher than tax base of liability, it will results in

• TTD

• DTD

• DTL

• DTA

If TTD multiply by relevant tax rate it will results in

• DTL

• DTA

What is the correct double entry for current tax provision?

• DR P/L CR Defer tax

• DR P/L CR Current tax

• DR Defer tax CR Current tax

• DR Current tax CR P/L

What is the correct double entry for overprovision of tax in the last year?

• DR Current tax Cr P/L

• Dr P/L Cr Current tax

• DR Defer tax CR P/L

• None of the answers

What is the correct double entry for transfer from defer tax?

• Dr P/L Cr Current tax

• Dr Defer tax Cr Curren tax

• Dr Defer tax Cr P/L

• None of the answers

Normally defer tax liability will be presented in current liability in SOFP.

• True

• False

Tax authorities does not recognize depreciation, but they use capital allowances.

• False

• True